Employee engagement platform Culture Amp announced last Friday that it has raised US$100 million in Series F funding, bringing its total valuation to $1.5 billion. The funding round was headed by TDM Growth Partners and Sequoia Capital China along with participation of other investors including Salesforce Ventures, Felicis Ventures, Blackbird Ventures, Index Ventures, Sapphire Ventures, Skip Capital, Grok Ventures and Global Founders Capital. According to the announcement, Culture Amp will use the capital raised for global expansion and to develop its product offering.
Culture Amp uses the data companies provide through employee surveys to invent and develop techniques as well as insights to change companys’ culture and policies to enhance employee performance along with changing the workplace environment. It is currently used at more than 4,000 organizations globally. Investors have cited the effectiveness of the company’s platform and data sets in driving strategy at the boardroom level.
However, the employee engagement platform had reported revenue of $45.8 million and losses of $33.8 million last financial year. CEO and co-founder Didier Elzinga said that the present funding round was necessary to dodge a situation where the company might have to enter an IPO to fund its businesses.